Stats on COVID-19’s impact on business registrations
- Fewer companies were registered with ASIC in the first six months of 2020 compared to the first six months of 2019.
- In the same period, the number of newly registered business names increased.
- Advice and support are available for companies and small business owners.
During the first six months of 2020 and during the COVID-19 pandemic, company and business name registrations have varied compared to 2019. ASIC has seen a change to the number of companies entering external administration and voluntarily deregistering.
New company registrations
In the first six months of 2019, 113,205 new companies were registered, compared to a slight decrease to 110,246 in the first six months of 2020.
New company registrations were up 7% in January and February but were down from March to May, with the largest drop being 20% in April and the lowest monthly volume since January 2013. Volumes recovered in June, being 8% higher than June 2019.
|New company registrations||Jan||Feb||Mar||Apr||May||Jun|
In the first six months of 2019, 186,492 new business names were registered compared to an increase to 205,401 in the first six months of 2020.
New business name registrations were down 4% for the January to March period. However, volumes grew quickly with significant increases in April, May and June 2020 compared to the same period in 2019.
|Business name registrations||Jan||Feb||Mar||Apr||May||Jun|
In the first six months of 2019, 3,912 companies entered external administration, a higher figure than the 2,932 companies entering external administration in the first six months of 2020.
Companies entering external administration for the first time increased 6% in February, but from March has continued to decrease by larger rates, with June dropping 51%.
*Figures are provisional and subject to revision given time lag in lodgements of appointment by registered liquidators.
Similarly, in the first six months of 2019, 47,434 companies lodged to voluntarily deregister, compared to a decreased value of 41,656 in the first six months of 2020.
Beginning in February, each month saw decreases with the largest in May (23%).
|Applications to deregister||Jan||Feb||Mar||Apr||May||Jun|
Advice and support are available if your company or small business has been affected by a downturn in business due to COVID-19. Visit the pages below for more information.
ASIC is Australia’s corporate, markets and financial services regulator.